Two sizable listings are currently scheduled for the week ahead, although smaller issuers may join the calendar throughout the week.
Product assessment services provider UL Solutions (ULS) plans to raise $770 million at a $5.6 billion market cap. UL Solutions provides testing, inspection, and certification (TIC) services and related software and advisory (S&A) offerings. Its TIC business (87% of 2023 revenue) is made up of two segments, Industrial and Consumer, which provide services to customers across a broad array of end markets. UL Solutions states that it is the largest TIC services provider headquartered in North America by revenue, spanning across more than 110 countries in 2023.
Post-acute healthcare provider PACS Group (PACS) plans to raise $400 million at a $3.2 billion market cap. The company provides nursing care through a portfolio of independently operated facilities. The company states that it is one of the largest skilled nursing providers in the US by number of facilities, with 208 post-acute care facilities across nine states. PACS also provides senior care, assisted living, and independent living options in some of its communities.
| U.S. IPO Calendar | |||
|---|---|---|---|
| Issuer Business | Deal Size Market Cap | Price Range Shares Filed | Top Bookrunners |
| PACS Group (PACS) Farmington, UT | $400M $3,153M | $20 - $22 19,050,000 | Citi JP Morgan |
| Post-acute care provider with more than 200 nursing facilities across the US. | |||
| UL Solutions (ULS) Northbrook, IL | $770M $5,551M | $26 - $29 28,000,000 | Goldman JP Morgan |
| Provides product testing, inspection, and certification services. | |||
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IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 4/4/2024, the Renaissance IPO Index was up 6.2% year-to-date, while the S&P 500 was up 8.3%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Kenvue (KVUE) and Nu Holdings (NU). The Renaissance International IPO Index was up 0.4% year-to-date, while the ACWX was up 4.9%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Porsche and Wise.
